Wall Street 'Partner' Like KFC's Colonel, Centerview Judge Says [BNN Bloomberg (Canada)]
Citigroup, Inc. (C)
Last citigroup, inc. earnings: 4/15 08:00 am
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Source: BNN Bloomberg
Handler, who claimed he was entitled to an equity stake in the elite mergers and acquisition advisory boutique worth hundreds of millions of dollars. A Delaware judge ruled Tuesday that Handler was not an actual equity partner in Centerview and that his title was only an honorific. Centerview founders Blair Effron and Robert Pruzan had argued that, because Handler wasn't a true partner, he wasn't entitled to the financial records that he sought in the suit. Delaware Chancery Court Judge Sam Glasscock III noted that many other Centerview employees had the title of partner. “Such partners were no more equity holders than Colonel Harlan Sanders was a field officer,” the judge wrote. Glasscock did rule that Handler was an “employee with certain vested rights in Centerview.” A spokesperson for Handler pointed to the part of the ruling, noting that the case would continue. “Mr Handler looks forward to establishing the financial scope of those vested rights,” the spokesperson said.
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